This is an increase of 197 per cent on the current average house price. However, the increase is expected to be spread disproportionately across the UK, with London experiencing rises from £183,262 in the first quarter of this year to £595,164 in 2020, which is an average annual growth rate of 6.76 per cent.
Prices in the North East will grow at the lowest rate, with the price of the average house currently £64,436 and prices predicted to rise to £123,651 by 2020, which is an average annual growth rate of just 3.69 per cent.
